Marine Link
Friday, March 29, 2024
SUBSCRIBE

Finaval Spa News

05 Jul 2017

Canada Orders Seizure of Oil Tanker

The Federal Court of Canada has ordered the seizure of a 721,915-barrel cargo of crude from Kurdistan aboard the "Neverland" oil tanker on the request of the Iraq Oil Ministry, court documents show. The Iraq Oil Ministry has also filed a claim against commodity trading house Vitol S.A. and subsidiaries including Mansel Ltd, the charterer of the ship, and affiliate Finaval SpA di Navigazione, the owner of the ship, for $32.5 million. Iraq claims the cargo was unlawfully misappropriated by the Kurdistan Regional Government and sold to Vitol to be loaded onto the "Neverland." Vitol declined to comment. The court action, dated June 29, is…

07 Mar 2005

Euroceanica Acquires Seven Chem Tankers

Euroceanica (UK) Limited agreed to purchase seven modern chemical tankers from Finaval S.P.A., of Rome. The vessels will be chartered back to Finaval for periods of up to one year to complete their existing charters. It is then the intention of Euroceanica to maintain the chemical tankers within a time charter portfolio with leading international and Italian charterers. Euroceanica (UK) Limited is the holding company of the Euroceanica Group. In 2004, the company re-located to London in order to take advantage of the UK tonnage tax arrangements. In addition to the seven chemical tankers acquired from Finaval, Euroceanica currently owns two Panamax dry cargo vessels and one new building Aframax tanker currently under construction at the Hyundai Shipyard.

13 Nov 2007

Finaval to Double Fleet after IPO

Italian tanker company Finaval SpA reportedly announced the proceeds of its initial public offering will be used to double the capacity of its fleet and to seize any future M&A opportunity. Finaval operates 13 crude oil and product tankers, of which 6.5 are owned, and has six Aframax crude oil tankers on order with Samsung Heavy Industries Co for a total cost of $380m, plus an option for another four. The new Aframax tankers will be delivered by between the first quarter of next year and the fourth quarter of 2010, allowing the group to nearly double its transport capacity to 1 million tonnes from 600,000. Finaval will be offering some 10.4 million shares, all stemming from a capital increase, until Nov.